Ernest C. Garcia II Sells 75,000 Shares of Carvana Co. (NYSE:CVNA) Stock

Carvana Co. (NYSE:CVNA) major shareholder Ernest C. Garcia II sold 75,000 shares of Carvana stock in a transaction on Friday, June 28th. The shares were sold at an average price of $131.76, for a total transaction of $9,882,000.00. Following the completion of the sale, the insider now directly owns 637,500 shares of the company’s stock, valued at approximately $83,997,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Carvana Stock Performance

NYSE CVNA opened at $127.55 on Wednesday. Carvana Co. has a twelve month low of $23.43 and a twelve month high of $136.92. The stock has a market cap of $25.84 billion, a PE ratio of 55.94 and a beta of 3.37. The firm has a 50-day simple moving average of $109.83 and a 200 day simple moving average of $79.75.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The firm had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.72 billion. Research analysts forecast that Carvana Co. will post -0.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Carvana

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Carvana by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock worth $530,648,000 after acquiring an additional 655,603 shares during the period. Charles Schwab Investment Management Inc. raised its position in Carvana by 6.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 831,879 shares of the company’s stock worth $44,040,000 after purchasing an additional 53,318 shares in the last quarter. Blue Trust Inc. acquired a new stake in Carvana during the fourth quarter valued at approximately $29,000. Rafferty Asset Management LLC boosted its holdings in Carvana by 38.6% during the fourth quarter. Rafferty Asset Management LLC now owns 43,792 shares of the company’s stock valued at $2,318,000 after purchasing an additional 12,193 shares in the last quarter. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV grew its stake in shares of Carvana by 17.6% in the 4th quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 500,000 shares of the company’s stock valued at $26,470,000 after purchasing an additional 75,000 shares during the period. Institutional investors and hedge funds own 56.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Robert W. Baird raised their target price on Carvana from $65.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. JMP Securities raised their price objective on Carvana from $135.00 to $150.00 and gave the company a “market outperform” rating in a research note on Friday, June 7th. Wells Fargo & Company upped their target price on Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. Evercore ISI lifted their price target on shares of Carvana from $118.00 to $135.00 and gave the company an “in-line” rating in a research report on Tuesday. Finally, William Blair reaffirmed an “outperform” rating on shares of Carvana in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $88.50.

About Carvana

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.